INDOCHINA GOLDFIELDS AND OLYMPUS PACIFIC MINERALS TO PURSUE OPPORTUNITIES IN VIETNAM SINGAPORE, March 21 /CNW - AsiaNet/ - Indochina Goldfields Ltd. and Olympus Pacific Minerals Inc. today confirmed that, together with Iddison Group Vietnam Ltd. of New Zealand, they plan to jointly pursue mining and exploration opportunities in Vietnam. Representatives of the companies confirmed that the proposed new strategic alliance outlined in recent news releases would focus the technical and organizational capabilities of each company to accelerate exploration and development programs on existing licenses and new exploration programs. Olympus would be manager and operator for all exploration and development activities for the company's interests within Vietnam. Indochina Goldfields Ltd. would become one of the largest shareholders in Olympus Pacific Minerals Inc., retaining an approximate 19.5% share. In addition, Indochina would provide one board member to Olympus Pacific Minerals Inc. in recognition of Indochina's ownership stake in Olympus and to provide continuity and guidance in land and technical issues. Indochina Goldfields Ltd. announced that its representative to the Board of Directors of Olympus will be Edward C. Rochette. Mr. Rochette is the Senior Vice-President, Legal and Administration, for Indochina Goldfields Ltd. and is also currently the Chairman of Bong Mieu Mining, the company holding the interest in the Bong Mieu Gold Mine in Vietnam. Closing of the agreement is subject to receipt by Olympus of all regulatory approvals and completion of a financing. Indochina's shares trade on the Toronto Stock Exchange and on the Australian Australian Stock Exchange under the symbol ING. Olympus' shares trade on the Vancouver Stock Exchange under the symbol OYM. Iddison's shares trade on the New Zealand Stock Exchange under the symbol IGV. For further information: R. Edward Flood, President, Indochina Goldfields Ltd., (65) 337-1818, North America: (604) 688-5755; or, David Seton, President, Olympus Pacific Minerals Inc., (604) 612-5120/(ING.)